Sembcorp acquires two more rooftop solar facilities in Singapore

Singapore – Sembcorp Industries (Sembcorp) has announced that it has added two operating rooftop solar facilities in Singapore to its global renewable energy portfolio.

Through its wholly-owned subsidiary Sembcorp Utilities, Sembcorp completed its purchase of 100 percent of Solar C&I Holdings (Solar C&I) for S$3.3 million from REC Solar. The consideration paid was internally funded. Solar C&I owns grid-tied rooftop solar assets located at the premises of Asia Pacific Breweries Singapore (APB) and Stolthaven Singapore (Stolthaven). Already in operation, these assets provide power directly to APB and Stolthaven and have a combined capacity of 2.3 megawatts.

Neil McGregor, Group President and CEO of Sembcorp, said: “The addition of these two new rooftop solar power projects is in line with Sembcorp’s goal to grow solar power capacity through more self-development and acquisition projects, and move into the emerging distributed solar energy market in Singapore. The acquisition will also complement our local electricity generation and retail capabilities in the country.”

“This small but significant acquisition reinforces Sembcorp’s commitment to sustainability and supporting greener energy for Singapore, as the power market here moves towards full retail competition,” added Mr McGregor.

Last year, the company acquired 49 percent of Changi Mega Solar, the developer of a 3.6 megawatt grid-tied solar energy system on the rooftop of SATS Airfreight Terminals 5 and 6 at Singapore’s Changi Airport. This was one of the largest single-location solar energy systems in the country Globally, Sembcorp has over 2,000 megawatts of renewable energy and energy-from-waste capacity in Singapore, China, India and the UK. This includes wind, solar and biomass power assets. This acquisition is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending 31 December 2017.